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Author Topic: Bitcoin Fees - $59! Holy shit!  (Read 2980 times)
AtraxPool
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October 25, 2017, 06:07:52 PM
 #61

Just watched a vid on Youtube posted yesterday by Rover Ver. He said that it cost him $59 to send Bitcoin. Jesus Christ, that's bloody ridiculous! Those miners are incredibly greedy and will send Bitcoin to the ground if that's the case. Who the hell is going to use Bitcoin for everyday transactions when it costs you $59 to buy a pack of chewing gum? Imagine going to buy a cup of coffee and you need to wait a few hours before the retailer can confirm your payment went through before they let you out of the shop.

Well 59 Dollars is 1% of todays value of Bitcoin. You were ignoring Bitcoin in the first place that is why you are complaining about the fees. If you were here from the very start you will never ever say that the fees are ridiculous. Only newbies will say that. Cover is blown.
The everyday transaction example is also about ignorance. If it is POS. Bitcoin transaction is faster than your credit card transaction. You don't need to write your signature everytime you use your Bitcoin. With credit card a lot of paper work will be dealt with. Hidden charges will be dealt with. Reconciling balances will be dealt with. But with Bitcoin there is a public ledger. Nothing is ever hidden. Banks hide everything.
It does still matter even you are an early adopter or late adopter/recently joined up the group.$59 fees will really hurt for sure even if you are a whale or does hold up lots of bitcoin.My current situation on making transfers do charge me up almost $3 basing on the average fees recommended as of these days which i do consider to be high still.

I always just have a quick look over at block trail shows in the table the optimal fee and shows the lowest fee and highest fee paid can be helpful

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October 25, 2017, 06:58:40 PM
 #62

Well that is still very cheap, if he has sent millions through the bitcoin network and size of his transaction was big and he wanted to send those bitcoins as soon as possible. For the holders, bitcoin fees are not the issue because if you don't need your funds to be confirmed very fast, you can just send transaction with low fee. I saw some guys who send transactions using 4 sat/byte and they have waited like 1 week or so in order to get confirmation.

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October 25, 2017, 07:34:04 PM
 #63

Well one thing I know for sure, since I've been trying to implement bitcoin payment in an ecommerce shop... The fees are HUGE for small transactions. I've been using bitpay and trying to pay a invoice of 1$. Total price was 2$...
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October 25, 2017, 11:56:22 PM
 #64

This is why you hold the BCH and other coin splits and not sell them....just in case.

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October 26, 2017, 12:28:30 AM
 #65

I don't believe it  Grin, tell me tx of that transaction.
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October 26, 2017, 02:09:26 AM
 #66

Many online exchanges handle transaction fees themselves so their users enjoy high priority transaction speed, high transaction fees high priority and low transaction fees low-priority. I think ?
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October 26, 2017, 02:21:45 AM
 #67

That was a huge transaction fee, or else he are sending huge amount of bitcoin because calculation of transaction fee is depending on the volume of transaction, and also it depends on the wallet did he used there are some online wallet and exchange are imposing huge amount of withdrawal fee in every transaction we made. And i think that fee is fit for the amount of money he transacted since he is one of the rich people in bitcoin world i think he didnt mind that transaction fee.
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October 26, 2017, 02:29:22 AM
 #68

Let's hope something will change in the near future. Low transaction fees are the key for using BTC on daily basis.

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October 26, 2017, 02:32:54 AM
 #69

I know a lot of people have varying opinions about BitPay, fees, schedule, how they do business, what have you...

They have a "feature" in their gui that allows you to purchase an Amazon gift card with BTC, and that actually used to be convenient for some things, not so much now, and this probably has something to do with the miner fees.  If you use that feature to purchase a ten dollar Amazon gift card (which BitPay probably already gets at a discount, my opinion, no evidence) would actually cost you US$ 21.00 give or take.

When it's that expensive, more than a 100% markup, to use a feature like that, no one will use it, and BTC starts to lose value, imo.

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October 26, 2017, 06:45:37 AM
 #70

Yeah it's getting out of hand. It's because of the btc price. Not sure how this will be solved, but fees are higher than visa and mastercard right now. This was never the intention!


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October 26, 2017, 09:41:53 AM
 #71

Just watched a vid on Youtube posted yesterday by Rover Ver. He said that it cost him $59 to send Bitcoin. Jesus Christ, that's bloody ridiculous! Those miners are incredibly greedy and will send Bitcoin to the ground if that's the case. Who the hell is going to use Bitcoin for everyday transactions when it costs you $59 to buy a pack of chewing gum? Imagine going to buy a cup of coffee and you need to wait a few hours before the retailer can confirm your payment went through before they let you out of the shop.

Well 59 Dollars is 1% of todays value of Bitcoin. You were ignoring Bitcoin in the first place that is why you are complaining about the fees. If you were here from the very start you will never ever say that the fees are ridiculous. Only newbies will say that. Cover is blown.
The everyday transaction example is also about ignorance. If it is POS. Bitcoin transaction is faster than your credit card transaction. You don't need to write your signature everytime you use your Bitcoin. With credit card a lot of paper work will be dealt with. Hidden charges will be dealt with. Reconciling balances will be dealt with. But with Bitcoin there is a public ledger. Nothing is ever hidden. Banks hide everything.
It does still matter even you are an early adopter or late adopter/recently joined up the group.$59 fees will really hurt for sure even if you are a whale or does hold up lots of bitcoin.My current situation on making transfers do charge me up almost $3 basing on the average fees recommended as of these days which i do consider to be high still.

Complaining about high fees only means that Bitcoin is not a bubble. Transfer your assets to Ripple and MIOTA if you really think that it is high. Just remember that tackle explorer of MIOTA  is hard to utilize. Low fees and no fees? Invest in Ripple and MIOTA. Just be ready to accept the disadvantages that comes with low fees and zero fees. At the very least Bitcoin will never ever freeze your account but how sure are you that ripple online wallets wont. With IOTA there are zero fees but you cannot reuse your wallet because the system exposes your private key during transaction.

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October 26, 2017, 11:25:46 AM
 #72

Really? That's indeed insane! But I think it's also an assurance that you're in a good exchange. Unlike maybe there's some out there that offers low fee but the exchange isn't reliable. Well, you should know the rate and fees before the transaction.

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October 26, 2017, 01:26:47 PM
 #73

It depends on transaction size but actually bitcoin fees are absolutely too expensive in my opinion.
Just in this case other blockchains are better imho
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October 26, 2017, 06:30:48 PM
 #74

This thread is just becoming a place for people to spam without reading the thread.

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